Bitcoin Cash price shows a ruffled trend for the 9th of June, while the BCHUSD trading pair varied near the $253 mark. The cryptocurrency’s price briefly rose above the $257 mark. CryptoToni1 is a TradingView analyst who has discussed their idea of an expected trade for the BCHUSD trading pair.
1-Day Bitcoin Cash price analysis (9th June)
BCH price rose to a day’s high of $257.23 US Dollars at the beginning of the 9th of June. The trading pair’s trajectory returned below the $254 mark shortly after the rise. At the time of writing, the BCHUSD pair was observed at $253.47 US Dollars.
Bitcoin Cash price movement; what’s next?
CryptoToni1, in their idea, discussed two possible scenarios that they believe that BCH will follow next. As per the first scenario, the analyst discussed that if BCH holds above the $220 range, then it will follow an uptrend above the $500 — $700 region. The rally is expected to be followed by a very bearish fall below the $60.00 mark.
While on the other hand in the second scenario, the analyst believes if the cryptocurrency falls below $220 before the uptrend, then the price will observe a downward rollback towards the $80 mark before treading towards a higher uptrend. In this case, the bullish rally above the $700 mark will be followed by a bearish fall below the $60 mark as well.
Bitcoin Cash Price Chart by Trading View
In the idea chart above, the Relative Strength Index (RSI) is shown to vary near 55.00. On the daily charts, the RSI indicator showed a low of 24.23 and a high of 71.16. The technical indicator was observed within the 30.00 — 70.00 range for the rest of the day. At the time of writing, the RSI stood at 46.69.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.